Genworth Financial Sells Its Stake In Genworth Mortgage Insurance Australia
WASHINGTON (dpa-AFX) - Genworth Financial Inc. (GNW) said that its wholly owned subsidiaries Genworth Financial International Holdings and Genworth Holdings have sold about 214.3 million shares in Genworth Mortgage Insurance Australia Limited at A$2.28 per share. It represents Genworth s entire ownership position in Genworth Australia. Settlement of the sale will occur on March 3.
Completion of the transaction will result in a payment of about US$247 million under outstanding AXA promissory note. Following the payment, the net proceeds available to Genworth will be about US$123 million.
As previously indicated, Genworth will continue to prepare for a potential partial IPO of Genworth s U.S. Mortgage Insurance.
What You Need to Know
Genworth entered Australia’s mortgage insurance market in 1997, paying about $43 million to get in.
The firm has been raising cash by selling some of its operations.
The new deal could generate about $379 million in total proceeds.
Genworth Financial Inc. is preparing to hand off mortgage insurance operations in Australia that the company has owned since 1997.
The Richmond, Virginia-based company said Sunday that two subsidiaries have agreed to sell their 52% stake in Genworth Mortgage Insurance Australia Ltd. to institutional investors through an underwritten sale.
The names of the buyers were not disclosed.
The deal involves about 214.3 million shares of Genworth Australia. The price will be the equivalent of about $1.77 in U.S. dollars, giving the transaction a total value of about $379 million.
RICHMOND, Va., Feb. 28, 2021 /PRNewswire/ Genworth Financial, Inc. today announced that its wholly owned subsidiaries Genworth Financial International Holdings, LLC and Genworth Holdings, Inc. . | March 5, 2021
/PRNewswire/ Genworth Financial, Inc. (NYSE: GNW) today announced that its 2021 Annual Meeting will be held as a virtual meeting on Thursday, May 20, 2021,.
Genworth Financial Announces Fourth Quarter 2020 Results
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RICHMOND, Va., Feb. 16, 2021 /PRNewswire/
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